But obviously ours is set to way above 2 mins. A colleague of mine also fiddle with the iis settings without success.

Any suggestions?

EDIT: This does not happen on debug at all, which makes me lean towards it being an IIS issue.

EDIT: We don't believe it to be an asp.net session issue since we are still logged in and can browse to other secure pages after this happens

Resolved: So after some more investigation we discovered that the timeout issue was just from when accessing the website from within our intranet. Apparently we have some daemon software (Websense) running on the network that was the root of all this evil.